Getting pre-approved for a mortgage (also called an in-principle approval (IPA) or AIP mortgage) in Singapore means a bank has assessed your income, debts and credit profile and given you a provisional loan limit before you commit to any property. It is not the final loan, but it tells you how much you can safely spend and signals to sellers that you are a serious, financially ready buyer.
Applying for mortgage pre-approval via Homejourney lets you check your eligibility, compare bank rates, and submit a single multi-bank application securely with Singpass, instead of repeating the process with DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank and others one by one.
How Mortgage Pre-Approval Fits Into Your Homejourney
In Singapore, the smartest buyers secure a loan pre-approval before they seriously start viewing units in places like Punggol, Tampines or Queenstown. Once you know your IPA limit, you can use Homejourney's property search to filter units within budget and avoid falling in love with a condo or HDB flat you cannot finance.
This article is a tactical cluster under our main mortgage pillar guide , focusing specifically on how to get pre-approved for a mortgage and why using Homejourney makes the process safer, faster and more transparent for Singapore buyers, upgraders, investors and refinancers.
What Is Mortgage Pre-Approval (IPA) in Singapore?
In Singapore, mortgage pre-approval or in-principle approval (IPA) is a written indication from a bank stating the maximum loan amount they are prepared to offer you, based on your declared income, existing loans and credit history. It usually comes with conditions, such as satisfactory property valuation and documentation checks.
For HDB buyers, this concept overlaps with the HDB Housing Grant and HDB housing loan/HFE letter[3]
Why Getting Pre-Approved Matters in Singapore
From experience walking clients through purchases from Sengkang BTOs to resale condos in City Square Residences, those who secure an IPA early consistently avoid stressful surprises later. Key benefits include:
- Clear budget – You know your maximum loan, so you can shortlist realistically priced HDB flats or condos instead of guessing.
- Stronger negotiating power – Sellers in popular estates like Toa Payoh or Bishan take buyers with bank IPAs more seriously, especially when there are multiple offers.
- Protection from over-commitment – An IPA forces you to factor in MAS rules such as Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR) before you sign any Option to Purchase (OTP).[7][3]
- Faster completion – Once you secure an OTP, your final loan approval is usually smoother as the bank already knows your profile.[2][1]
Step-by-Step: How to Get Pre-Approved for a Mortgage via Homejourney
Here is a practical, Singapore-focused process to obtain an AIP mortgage through Homejourney in about 3–7 working days, depending on your profile and bank response times.
Step 1: Check Your Eligibility and Budget
Before you even look at listings, use Homejourney's mortgage eligibility calculator on the bank rates page Bank Rates or directly at the calculator section Mortgage Rates . This tool helps you estimate:
- Indicative maximum loan amount
- Estimated monthly instalments
- How MAS TDSR and HDB MSR limits may affect you
Insider tip: If you work in the CBD and earn a variable bonus (common in banking or tech roles at Raffles Place or Tanjong Pagar), banks may apply a haircut to your variable income. Key in your fixed and variable income separately to see a more realistic borrowing estimate.
Step 2: Prepare Your Documents
To speed up pre-approval, prepare the necessary documents before starting your Homejourney application. Most banks (DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Citibank, Hong Leong, Public Bank) will require similar items.[7][2]
Documentation Checklist for Salaried Employees
- NRIC (front and back) – or passport and FIN for foreigners
- Latest 3 months' payslips
- Latest 12 months' CPF contribution history (automatically retrieved via Singpass/MyInfo in Homejourney)
- Latest Notice of Assessment from IRAS (NOA)
- Existing loan statements (car loan, personal loan, education loan, credit card statements)
Documentation Checklist for Self-Employed / Business Owners
- NRIC or passport/FIN
- Last 2 years' NOA from IRAS
- Latest 12 months' CPF contribution history if any
- Business registration documents (e.g., ACRA BizFile)
- Latest 6–12 months' bank statements showing business income
Where to obtain these:
- NOA and CPF statements: via Singpass from IRAS and CPF Board portals
- Business records: via ACRA BizFile portal
Insider tip: If you often work late and prefer not to print anything, applying through Homejourney with Singpass/MyInfo pulls most of this data automatically so you can complete the application on your phone on the MRT ride home.
Step 3: Start Your Multi-Bank Application on Homejourney
Go to Homejourney’s bank rates page Bank Rates . Here you can:
- Compare real-time rates across DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Citibank, Hong Leong and others in one dashboard
- See SORA-pegged vs fixed-rate vs hybrid packages
- Estimate monthly repayments for different loan tenures
Once you are comfortable with the indicative rates, click to apply for a loan (new purchase or refinancing). One application on Homejourney sends your information to multiple banks at once, instead of repeating forms and document uploads for each bank individually.
Step 4: Use Singpass/MyInfo for Instant, Safe Auto-Fill
Homejourney integrates with Singpass/MyInfo so that with your permission, key data (income, CPF contributions, NRIC details, property ownership) can auto-populate your application. This reduces manual errors and speeds up IPA processing dramatically.[5]
Benefits of Singpass/MyInfo integration:
- Accuracy – Banks receive verified data directly from government sources
- Time savings – Most salaried applicants can complete the pre-approval form in under 10–15 minutes
- Security – Your data is transferred via official channels; Homejourney prioritizes safe, encrypted handling of your personal information
For more detail on Singpass use, refer to our dedicated guides: Singpass MyInfo for Faster Loan Applications: Homejourney's Complete Guide and Using Singpass MyInfo for Faster Loan Applications: Homejourney's Guide .
Step 5: Let Homejourney Mortgage Brokers Match You to Banks
Once you submit your details, Homejourney Mortgage Brokers review your profile and help you:
- Identify which banks are more likely to give you the best terms (e.g. DBS vs UOB vs OCBC) based on your risk profile and income structure
- Avoid banks that may be less flexible with self-employed or commission-based income
- Ensure your loan structure aligns with your future plans (e.g. upgrading from a 4-room HDB in Sengkang to an EC in Punggol within 5–7 years)
Instead of having separate conversations with each bank, Homejourney centralises advice so you save time and get a clearer, unbiased view of your options.
Step 6: Receive and Track Your IPAs
Typical timelines for pre-approval in Singapore:
- Salaried, straightforward profile: about 1–3 working days
- Self-employed or complicated profile: about 3–7 working days
You can track your application status directly on Homejourney instead of chasing each bank RM individually. As banks respond, you will see:
- Indicative loan quantum
- Estimated interest rates and lock-in periods
- Key conditions (e.g., requirement for property valuation or additional documents)
Once you are satisfied, you can move forward knowing your pre-approved home loan amount before placing any Option Fee.
Understanding Interest Rates for Your Pre-Approved Home Loan
Most Singapore home loans today are either SORA-pegged floating packages or fixed-rate packages, sometimes with a hybrid structure. The Monetary Authority of Singapore (MAS) endorses SORA (Singapore Overnight Rate Average) as the key interest rate benchmark.[7]
In practice, this means your loan might be priced as: 3M SORA + spread, and the rate will reset every 3 months based on prevailing SORA at that time.
The chart below shows recent interest rate trends in Singapore:
When evaluating your IPA offers via Homejourney, do not just look at the headline rate. Check:
- Whether it is fixed or floating (and for how long)
- The length of the lock-in period (commonly 2–3 years)
- Prepayment or refinancing penalties
- Whether repricing is allowed after lock-in
Homejourney’s bank-rates interface Bank Rates and live SORA tracking help you visualise how these packages compare over time and whether a fixed or floating route might be more suitable in the current rate environment.
Common Pitfalls to Avoid When Getting an IPA
Based on real buyer journeys from Jurong West resale flats to new launch condos near Lentor MRT, these are frequent mistakes:
- Applying for IPA after signing OTP – This is risky. If your loan is lower than expected, you may struggle to complete the purchase. Always secure your IPA first.[1][2]
- Ignoring TDSR/MSR rules – For example, buying an HDB or EC without accounting for the 30% MSR cap can reduce your loan quantum significantly.[7][3]
- Not declaring existing debts – Car loans and credit card debts in your name affect your TDSR. Banks will see them via credit bureau checks.
- Overestimating bonus/variable income – Banks typically apply an income haircut (e.g., 30%) on variable components, so do not assume your full bonus counts.
- Shopping one bank at a time – This delays timelines and may cause you to miss better offers. Homejourney’s multi-bank application solves this efficiently.
How Homejourney Makes Mortgage Pre-Approval Safer and Easier
Homejourney is built around safety, transparency and user-first design. For mortgage pre-approval, that translates into several concrete advantages for Singapore borrowers.
1. Multi-Bank Application, One Secure Platform
Instead of manually applying to DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Citibank, Public Bank or Hong Leong separately, you:
- Submit one application via Homejourney
- Allow data retrieval via Singpass/MyInfo for verification
- Receive multiple IPA responses and indicative offers in one dashboard
This significantly reduces duplicate data entry and the risk of inconsistent information across banks – a common cause of delays or discrepancies during final approval.
2. Verified Information and Transparent Comparisons
Homejourney uses verified data and up-to-date bank rate feeds across all major lenders. You can see:
- Effective interest rates and promotional packages
- Comparisons of fixed vs SORA packages
- Lock-in periods and key conditions side by side
This level of transparency helps prevent mis-selling or misunderstandings, especially for first-time buyers who may not be familiar with technical terms.
3. Personalized Guidance from Homejourney Mortgage Brokers
When you apply via Homejourney’s bank-rates page Bank Rates , you gain access to experienced mortgage brokers who:
- Explain differences between packages in clear, non-jargon language
